OREANDA-NEWS. July 23, 2007. Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), the leading provider of integrated telecommunications and Internet services in the largest population areas throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), today announces that Golden Telecom sold its stake in MCT Corp. (“MCT”).

The 23% stake in MCT was sold to TeliaSonera for a cash consideration of up to $48 million. Approximately $38 million will be paid at closing with the balance to be paid upon the satisfaction of certain conditions.

Golden Telecom’s investment in MCT had a carrying value of zero in its books and consequently the received amount is expected to be reflected in profit (before taxes) in the 3rd quarter.